Flex (NASDAQ:FLEX) PT Raised to $15.00 at Citigroup

Flex (NASDAQ:FLEX) had its price objective raised by Citigroup from $13.00 to $15.00 in a research note issued to investors on Friday, The Fly reports. The brokerage currently has a “buy” rating on the technology company’s stock. Citigroup‘s price objective would indicate a potential upside of 30.55% from the stock’s current price.

Several other brokerages also recently commented on FLEX. Cfra dropped their price target on Flex from $15.00 to $12.00 and set a “hold” rating on the stock in a research report on Monday, May 11th. BidaskClub upgraded Flex from a “sell” rating to a “hold” rating in a research report on Thursday, July 16th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $9.00 price target on shares of Flex in a research note on Wednesday, May 6th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $11.75.

Shares of FLEX stock traded down $0.16 during trading on Friday, reaching $11.49. The company had a trading volume of 7,714,194 shares, compared to its average volume of 2,990,709. The firm’s 50 day simple moving average is $10.42 and its two-hundred day simple moving average is $10.45. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.26 and a quick ratio of 0.74. Flex has a one year low of $5.36 and a one year high of $14.00. The company has a market capitalization of $5.72 billion, a PE ratio of 60.47, a PEG ratio of 1.21 and a beta of 1.78.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Thursday, July 30th. The technology company reported $0.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.06. Flex had a return on equity of 3.32% and a net margin of 0.41%. The business had revenue of $5.15 billion for the quarter, compared to the consensus estimate of $5.01 billion. Analysts forecast that Flex will post 0.87 earnings per share for the current year.

In other Flex news, CAO David P. Bennett sold 4,954 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $10.68, for a total value of $52,908.72. Following the transaction, the chief accounting officer now owns 173,176 shares of the company’s stock, valued at $1,849,519.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Paul Humphries sold 24,908 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $10.66, for a total value of $265,519.28. Following the completion of the transaction, the insider now directly owns 593,982 shares in the company, valued at approximately $6,331,848.12. The disclosure for this sale can be found here. In the last three months, insiders sold 209,392 shares of company stock worth $2,197,043. Insiders own 0.56% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. Global Retirement Partners LLC lifted its stake in shares of Flex by 80.7% during the first quarter. Global Retirement Partners LLC now owns 4,287 shares of the technology company’s stock valued at $36,000 after acquiring an additional 1,915 shares during the period. Flagship Harbor Advisors LLC acquired a new position in shares of Flex during the second quarter valued at $41,000. Synovus Financial Corp acquired a new position in shares of Flex during the first quarter valued at $44,000. Creative Financial Designs Inc. ADV acquired a new position in shares of Flex during the second quarter valued at $53,000. Finally, Raymond James Financial Services Advisors Inc. acquired a new position in shares of Flex during the first quarter valued at $84,000. 95.66% of the stock is currently owned by institutional investors.

About Flex

Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.

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